U.S. Markets open in 1 hr 33 mins

Avnet: Fiscal 3Q Earnings Snapshot

PHOENIX (AP) _ Avnet Inc. (AVT) on Thursday reported fiscal third-quarter net income of $88 million, after reporting a loss in the same period a year earlier.

The Phoenix-based company said it had profit of 81 cents per share. Earnings, adjusted for amortization costs and to account for discontinued operations, came to $1.09 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The distributor of electronic components posted revenue of $4.7 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $4.75 billion.

For the current quarter ending in June, Avnet expects its per-share earnings to range from $1 to $1.08.

The company said it expects revenue in the range of $4.5 billion to $4.9 billion for the fiscal fourth quarter.

Avnet shares have risen 29 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $46.46, a rise of 15 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVT at https://www.zacks.com/ap/AVT